Reliance helps Nifty rally 4 percent – Nifty Analysis 31.3.2020

Nifty 5 Min Intraday Chart 31.3.2020
Nifty 5 Min Intraday Chart 31.3.2020

Open 8529 High 8678 Low 8358 Close 8597

Nifty opened with a huge gap up of 348 points at 8529 levels and touched a high of 8530 on the first 5 minute candle. Nifty could not sustain at gap up levels and fell 168 points from opening high levels to touch a low of 8358 at around 9.30 am which also tuned out to be the lowest point of the day.

Nifty took support at crucial support levels of 8350 and trended upwards for the rest of the day with small pullbacks in between Nifty rallied 318 points from day low levels to touch a day high level to touch a day high level of 8678 a around 2.35 am. 

Nifty fell around 100 points from day high levels in the last hour of trading session to close the day at 8597 up 316 points or 3.82 percent.

Nifty is highly volatile these days. Trading these kinds of volatile markets is very difficult.Nifty is falling heavily everyday. Nobody knows when or at what level Nifty will bottom out. But as Nifty is not breaching the recent low levels of 7525 levels the level of 7500 can be treated as a temporary bottom. 8000-8200 levels will act as crucial support levels for Nifty. 9000 levels will act as a stiff resistance level.Nifty will gain upside strength only above 9500 levels.

Market Breadth Nifty

Advances 12 Declines 38 

The highest gainer among Nifty 50 index was BPCL up 13.56 percent and biggest loser was Indus Ind Bank down 15.14 percent.

FNO Data Analysis

Nifty April Futures are trading at a discount of 8 points.

For April 1 expiry

Highest open interest Call side is at 9000 ce around 15.14 lakh shares

Highest open interest Put side is at 8000 pe around 12.86 lakh shares

Huge amount of put writing at 8400 pe means 8400 will act as strong support level for Nifty

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